The Globe and Mail reports in its Friday edition that National Bank's Maxim Sytchev has reaffirmed his "outperform" recommendation for North American Construction Group. The Globe's David Leeder writes in the Eye On Equities column that Mr. Sytchev boosted his share target by a loonie to $40. Analysts on average target the shares at $41. Mr. Sytchev says in a note: "Our numerous conversations with investors heading into the quarter pointed to a fear of a wide range of (mostly negative) potential outcomes. With better-than-expected Street numbers, a 20-per-cent dividend increase and an NCIB for 10 per cent of the public float, we believe the market will quickly warm up to the story. The level of skepticism has been demonstrated by lack of share price advancement when oil rallied while during any downdraft for the commodity, shares compressed concurrently. Over time, we should also assume that the oil correlation will get less pronounced given 25-per-cent earnings generation from the oil sands, compared to 55 per cent in Australian operations (i.e., met/thermal coal, gold, copper) and 10 per cent from U.S. infra. All in, this is a better, more diversified split, geared to a more commodity-friendly jurisdiction."